R8giSt•rnd Company Numbèr . O%W19290 (England and Wales) RegTrstered charlty Number.. 1102738 ThE SIR JOHN MIDDLEMORE CHARITABLE TRUST (A Company Llmlted by Guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST Contents Page Directors, Report Independent Examiner's Report Statement of Financlal Activities Balance Sheet Notes to the Financlal Statements 8-15
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION Yearended 31 March 2025 Charity name The Sir John Middlemore Charitable Trust Charity registration number 1102736 Company registration number 05009290 Registered office J W Hlnks LLP 19 Highfield Road Ed8baston England B15 3BH Board of director5 Mrs D Mabbett Mrs L Trevethick Mrj Holmes Mrs YJ Brown Mr P Norman (Resigned 14 January 20251 (Chairperson) IHon. Treasurer) Company secretary Mrs Tsoden Independent examiner Mr P Smlth FCA J W Hinks LLP Chartered Accountants 19 Highfield Road Ed8baston Birmingham West Mldlands 815 38H Bankers CAF Bank Ltd 25 King5 Hlll West Mailln8 Kent ME19 4JQ Sollcitors The Wilkes Partnership Solicitors 41 Church Street Birmingham B3 2RT Investment managers Quilter Chevlot One Centernary Way Bimiingham 83 3AY
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIRECTORS, REPORT Year ended 31 Marth 2025 The trustees who are also director5 of the charity for the purposes of the Companies Act 2006, present their report and financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 1021 (effective I january 20191. Strurture, Governance and Management Governlng Document The organisation is a charitable company limited by guarantee, incorporated on 7 January 2004 and re8i5tered as a charity on 19 March 2004. The charitable company is established under a Memorandum of Association which established the object5 and power5 of the charitable company and is governed under its Articles of A550ciation. In the event of the charitable company being wound up member5 are required to contribute an ornount not exceeding £10 each. On 2 November 2004, the Charity Commi555on of England and Wales approved a scheme to merge two existing charities, Middlemore Homes (Charity No. 2082241 and Crowley's Foundation for Girls (Charlty No. 5289691, wlth the new charity being entitled The Sir John Middlemore Endowment and retainlng the registered charity number of Middlemore Home5. From that date, all the property of The Sir John Middlemore Endowment, other than the investment portfolios, has been administered and accounted for as part of the property of The Sir John Mlddlemore Charitable Trust, the corporate trustee of the Sir John Middlemore Endowment with effect from 2 November 2004, in accordance with the above scheme. The investment portfolio retained by The Sir John Middlemore Endowment has been accounted for as a permanently endowed fund of The Sir John Middlemore Charitable Trust f rom 2 November 2CMJ4. Recruitmentand Appointment of Dlrectors The direttors of the charitable company are also charity trustees for the purpose of charlty law and under the haritable company's Articles of A5SOClation are known as members of the Board of Directors. Under the requirements of the Memorandum and Articles of AssociatSon the members of the Board of Directors are elected to serve for a period of three years after which they must stand for re-election at the next Annual General Meeting. Mr J Holmes and Mrs Y 8rown retire by rotation and being eliglble, offer themselves for re-election, Objertives and Artivltle5 The charitable comp3ny'5 objects are.. The relief of need amongst children and young people living in Birmingham and elsewhere, and in particular, but without limitation, by providin8 SUPPOrt to children, young people and their families and carers, through education. guidance, counselling and practical assistance, or by such other means as the directors shall think fit. A major review of the aim5 and objectives of the Trust was held by the Directors In 2012 and it was decided the most effective way to continue the work of the charity was by the dispersal of grants to organisations who work with disadvantaged children and younE people aged up to 18 and young people with disabilities aged up to 25 within the West Midlands Region. The maximum grant 15 usually up to £2,000 and organi5ation5 making applications for grants will usually only be considered if they have an annval income of less than E250,000. The trustee5 have had regard to guidance on public benefit from the Charity Commission.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIRECTORS, REPORT (contlnuedl Year ended 31 March 2025 A¢hlevements and Performance During the year 29 grant applications were awarded totallin8 £53,685. The organisation actively continues to raise awareness within the West Midland5 Region of the Trust's grant making policy and procedure and regularly reviews the flnancial policy to maximise the Trust's income. Financlal Review In 2018, the charity was a beneficiary in the will of the Late Ann Edington Griff iths and received £43,302. We are extremely grateful for thi5 Le8acy which has been included in the account5 as the Frances Lyn Bettridge designated fund. The charitable company's expenditure exceeded the income for the period (before movement on investments and transfers) by £11,461.12024.. £14,230). Prlncipal Fundlnq Sources The principal funding source for the charitable company was the income generated from The Sir John Middlemore Endowment Fund. Investment Pollcv Income objectlve The main objectives for the Charity's Investment portfollo are to: Provide a level of income to meet the current needs of the Trust, commensurate with managing risks withln the portfolio. Maintain the Charity's endowment in real terms over a rollin8 5-year period. Income requlrement An income requirement of £53,000 per annum has been agreed and all income generated by the portfolio 15 paid out on a monthly basis. Tlme horlzon The tlme horizon for the Investment portfollo Is considered to be long tem11.e. more than five year51. Llquldlty requlrements The charity hold5 cash reserves sufficient to meet immediate cashflow requlrements. The longer-term investment portfolio should be invested in assets that are easily realisable in normal market conditions. Ethlcalond other constralnts The directors seek to ensure that investments are consistent with the purposes and values of the Trust. As such, investments in companie5 whose business 15 in Alcohol, Armaments, Gambling, Tobacco and Pornography is not permitted within the portfolio. Approoch to investments Investments are made taking a long-term view, using a range of Investment vehicles to achieve stability and growth within a well-diver5ified portfolio. The directors have a preference for direct investments where p055ible, though it 15 understood that collective investment schemes will be used to provide the m05t eff icient means to acce55 a particular market or asset classes and for reasons of diversification. However. the investment fund should always be marketable and will not, in the absence of specific authority acquire investments where marketability 15 limited. The Trust will not participate in any underwritlng arran8ement. Further warrants or options, or any dirert investment5 quoted on the AIM or OFEX markets are not permitted.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIRECTORS, REPORT Icontlnued) Year ended 31 March 2025 Investment monoger The directors have appointed Quilter Cheviot to manage the assets of the portfolio in accordance with the principles set out in this statement and within the guidelines set down from time to time by the directors. The directors will monitor the performance of the rnana8er a8ainst the stated investment benchmark on an annual bas15. Custody of a55ets'. the investment assets are held in Qullter Cheviot's nominee company who produce an annual verification a5 part of the audit proce55. Reserves Pollcy The directors have examined the charitable company's requirements for reserves in light of the main risk5 to the organisation. It has established a policy whereby the unrestricted fLsnds, not committed or invested in tanglble fixed assets held by the charitable company, should be at a sufficient level for it to meet the management costs for the making of charitable grant5. Statement of Dlrertors, Responsiblllties The directors (who are a150 the trustees for the purposes of charity lawl are responsible for preparing the Directors, Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law requires the dlrector5 to prepare financial statements for each financial year which give a true and falr view of the state of affairs of the charit8ble company and of the incoming resources and application of resource5, including the income and expenditure, of the charStable cornpany for that period. In preparing these financial statements the directors are required to.. select suitable accounting poSicies and then apply them con515tentlyi observe the methods and principles in the Charities SORP; make judgement5 and estimate5 that are reasonable and prudent,. state whether applicable U K Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financlal staternents on the going concern basis unless It Is inapproprlate to presume that the charitable company will continue In business. bl d) The directors. are responsible for keeplng proper accountlng records whlch disc105e with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial Statements comply with the requirement5 of the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for takinB reasonable steps for the prevention and detection of fraud and other irregularitles. The directors, are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statement5 may differ from legislation in other jurisdictions. The directors, report has been prepared in accordance with Special provisions of S415A of the Companies Act 2006 relating to small companies. Approved by the Board of Directors on 8 July 2025 and signed on Its behalf by.. Mrs L Treyethlck (Chairl
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORTTOTHE MEMBERS OF THE SIR JOHN MIDDLEMORE CHARITABLE TRUST I report on the accounts of the charitable company for the year ended 31 March 2025, which are set out on pages 5 to 15. Responslblllties and basls of report As the charity trustees of the company and also its director5 for the purpose5 of company lawl you are responsible for the preparation of the accounts in accordance wlth the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act nd are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111.the 2011 Act'l. In carrying out my examination I have followed the Direction5 given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examinatlon. I confirm that no matters have come to my attention in connectlon with the examinatlon giving me cause to believe that In any material respect.. accounting record5 were not kept In respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records- or the accounts do not comply with the accounting requlrements of section 396 of the 2006 Act other than any requirement that the account5 give a 'true and fair viev/ which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountin8 and reporting by charities. I have no concern5 and have corne across no other matters in connection with the examination to which attentlon should be drawn in this report in order to enable a proper understandin8 of the account5 to be reached. Peter Smith FCA J W Hlnks LLP Chartered Accountants 19 Hlghfield Road Edgbaston Birmingham West Midlands 815 38H Date: 8 July 2025
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES {in¢orporating the Income and Expendlture Account) for the year ended 31 March 2025 Permanent Restricted endowment Funds Fund5 Unrestrirted Funds 2025 Total 2024 Total Notes Income and endowments Donations and legacies Investment income 232 58,348 60,748 52,862 5,486 Total Income 52,862 5,486 58,348 60.980 Expendlture Costs of ralsin8 funds Investment mana8ement costs 5,952 5,952 5,769 Charltable actlvltles Grants Support Costs 48,685 10,172 5,000 53,685 10,172 60,673 8,768 Total expendlture 58,857 5,000 5,952 69,809 75,210 Net Inwmellexpendlture) for the year before Investment 8alns and transfers 15,9951 486 15,9521 111,4611 114,2301 Transfers between funds li {9,6451 3,693 5,952 Net Incomel{expendlturel before Investment galns and losses 115,6401 4,179 111,4611 114,2301 Realised and unrealised gains on investments 636 11,1901 12,022 11,468 27,425 Net movement on funds 115,004} 2,989 12,022 13.195 Reconclllatlon of funds Fund balances at l April 2024 51,512 132,729 1,246,288 1,430,529 1,417,334 Fund balances at 31 March 2025 36,508 135,718 1,258,310 1,430,536 1,430,529 The note5 on pages 8 to 15 form part of these financial statements.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST BALANCE SHEEr Company No: 05009290 as at 31 March 2025 Notes 2025 2025 2024 2024 Fixed a55ets Investments 1,419.298 1,412,543 Current assets Cash at bank and in hand 12.318 19,066 12,318 19.066 Credltors: Amounts fallln8 due wlthin one year io 11,0801 11,0801 Net current assets 11,238 17,986 Net assets 1,430,536 1,430,529 Reserves Restrlcted funds Permanent Endowment fund Frances Lyn Bettrldge Memorial Trust fund 13 1,258,310 1,246,288 12113 135,718 132,729 Unrestrlcted funds General fund Ann Edgington Griffiths fund li li 15,0791 41,587 10.538 40.974 1,430,536 1,430,529
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST BALANCE SHEET Company No: 05009290 as at 31 March 2025 The charitable company is entitled to exemption from audit under sectlon 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not requlred the charltable company to obtain an audit of it5 Financial Statemerbts for the year ended 31 March 2025 accordance with section 476 ofthe Companie5 Act 26. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records which comply with section 386 and 587 of the Companies Act 2006, and Ibl preparing f inancial statement5 whlch give a true and fair view of the state of affairs of the charitable company as at 31 March 2025 and of its incoming resource5 and application of resources, Including the net income or expenditure for the year then ended in accordance with the requirement5 of sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 relatlng to the financi81 statements $0 far as applicable to the charitable company. The flnancial statements have been prepared in accordance with the special provlslons of Part 15 of the Companies Act 2006 relatin8 to small companies. The flnancial statements were approved by the board of Trustees on 8 July 2025 and are signed on its behalf by.. Mrs L Trevethltk Chalr Mrj Holmes Hon Treasurer
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 Accounting pollcles Basis of accounting The financial statement5 of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'AccDunting and Reporting by Charities- Statement if Recommended Practice applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 103 'the Financial Reporting Standard applicable in U K and Republic of Ireland, and the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The charitable company has taken advantage of the following dlsclosure exemptlons in preparlng these financial statements, as permitted by FRS 102 'the Financial Reporting standard applicable in The UK and Republic of Ireland,: The requirements of section 7 of Cash Flows. Income All Income Is recognised In the Statement of Flnancial Activities once the charity has entitlement to the fund5, It is probable that the income will be received and the amount can be measured reliablv. Expendlture Expenditure is accounted for on an accrua15 basis and ha5 been classified under heading5 that aggregate oll C05t5 related to the category. Where cost5 cannot be directly attributed to a particular heading, they have been allocated to activities on a ba515 consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the Charitable Company. Grants awarded are recognlsed as resources expended in the year in which they are made,. grants awarded but subsequently not taken up are re-credited to funds in the year in which they are recognised as being abandoned. Governance costs include those costs assoclated with meeting the constltutional and statutory requirements of the charitable company and include independent examination fees and cost5 linked to the strategic management of the charitable company. Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Actlvities included the net gains and losses arising on the revaluation and disposal of investments throughout the year. Fund Accountlng Unrestricted funds be used in accordance with the charitable objective5 at the discretion of the trv5tees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purposes of each fund 15 included in the notes to the financial statement5.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Donations and legacies 2025 2024 Donation 232 The donatlon was received forthe Memory of Beryl Pav. Investment Income Unrestrkted fvnds Restrlrted endowment funds funds 2025 Total 2024 Totsl QLtoted flxed a55et investments 52,862 5,486 58,348 60,748 Of the total income received in 2024 of £55,842 relates to unrestricted funds and £4,906 relates to restricted funds.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANUAL STATEMENTS forthe year ended 31 March 2025 Comparatives for the Statement of Flnancial Artlvlties Permanent Restrlrted endowment Funds Funds Unrestrlrted Funds 2024 Total Income and endowments Donation Investment Income 232 55,842 232 60.748 4,906 Total Income 56,074 4,906 60,980 Expendlture Costs of ralsln8 funds Investment management costs 5,769 5,769 Charltable actlvitles Grants awarded Support Costs 55,523 8,768 5,150 60,673 8,768 Total expendlture 64,291 5,150 5,769 75,210 Net Incomellexpendlture) for the year before Investment 8aln5 and transfers 18,217} 12441 15,7691 114,2301 Transfers between funds 12.9321 12.8371 S.769 Net Incomellexpendlture) before Investment galns and losses 111,1491 13,0811 114,2301 Realised and unreallsed 8ains/ Ilossesl on investments 5,433 12,0301 24,022 27,425 Net movement on funds 15,7161 15,1111 24,022 13,195 Reconcillatlon of fund5 Fund balance5 at l April 2023 57,228 137,840 1,222,266 1,417.334 Fund balance5 at 31 March 2024 51,512 132,729 1,246,288 1,430,529 10
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Investment management Costs 2025 2024 Commissions and contract charges 5,952 5,769 Charltable actlvltles Grant maklng actlvltles 2025 2024 Grants Grants awarded12025: 29 in number, 2024.. 40 In number) 53,685 60,673 53,685 60,673 Support cost5 Trust adminlstration Governance costs (note 81 7,000 3,172 7,330 1,438 Grant makln8 actlvltles 63.857 69,441 Of the total grants made in 2025 £5,00012024.' £5,150) related to restricted fund5. staff costs No expenses or remuneration are paid to the Directors of the charitable company, The charitable company does not employ any staff. Governafice costs 2025 2024 Independent examination fee Director5, professional liability insurance Postage Computer expenses Other administration costs 1,080 305 353 968 466 1,080 305 53 3,172 1,438
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 Investments Total 2025 Total 2024 Quoted Investments Market value at l April 2024 Additions Proceeds of disposals Gain5 on revaluation5 and disposals 1,370,536 1,349,775 308,818 196.871 1294,2651 1203,5351 11.468 27,425 Market value at 31 March 2025 Cash on deposit held by Investment managers 1,396,557 1,370,536 22,741 42,007 Total Investments at 31 March 2025 1,419,298 1,412,543 Historlc cost 1,324,635 1,298.172 UK equlties UK fixed interest securities Overseas Equities Overseas fixed interest securities Alternative Investments 248,859 291,091 344,567 263,635 549,770 479,456 29,067 47,097 224,294 289,257 Marketvalue at 31 March 2024 1,396,557 1,370,536 There are no material re5trlction5 upon the reali5ation of these inve5tmentS. The follow investments were over 5% of the portfolio value: Royal London Bonds Fund ICVC Royal London Sterlin8 Credit Z 6.7Yo. Fidelity Investrnent Funds Fidelity Moneybuilder Income Fund 1- 6.3% 98,546 85,081 12
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Investments {contlnued) The fair value of listed investment5 is determined by reference to the quoted price for identical assets in an active market at the balance Sheet date. All investment5 are carried at their fair value. Investments in equities and fixed asset securitie5 are all traded in quoted public markets, primarily the London Stock Exchange. Holdin85 in common investment funds, unit trusts and open-ended investment Companies are at the bid price. The basis of fair value for quoted investments 15 equivalent to the market value using the bid price. Asset sales and purchases are recognised at the date of trade at cost Ithat Is their transaction value). The rnain risk to the Charity from flnanclal instruments Iles in the comblnation of uncertain investment markets and volatility in yield. The Charity 15 reliant on dividend yield to finance Its work. Liquidity risk is anticipated to be low as all a55et5 are traded. The Charity's investments are mainly traded in morkets with good liquidity and high trading volurnes. The Charity has no material investment holdin85 in markets subject to exchange controls or trading restrictlons. The Charity manages these investment risk5 by retaining expert advisors and operating an investment policy that provides for a high degree of diversificotion of holdings Wlthin investment classes that are quoted on recogni5ed stock exchanges. The Charity does not make use of derivatives and similar complex financial Instrument5 as it takes the view that investments are held for their longer-term yield total return and historic studies of quoted flnancial instruments have shown that volatility In any particular 5 year period wlll normally be corrected. io Credltors: amounts falllng due wlthln one year 2025 2024 Accruals 1,080 1,080 1,080 1,080 13
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 li Unrestricted funds Ann Ed8lngton Grlffiths fund General fund Total 2025 Balance at l Aprll 2024 Net income for the yeor before transfer5 Transfer between funds Unreali5ed Gain on investments 40,974 10,538 662 16,6571 16851 18.960} 636 51,512 15,995} 19,645 636 Balance at 31 March 2025 41,587 15,0791 36,508 12 Re5trirted Incorne fvnds Frances Lyn Bettrldge Memorlal Trust Fund Balance at l April 2024 Net income for the year before transfer5 Transfer between funds Realised and unrealised loss on investments 132,729 486 3,693 11,1901 Balance at 31 March 2015 135,718 The purpose of the Frances Lyn Bettrid8e Memorlal Trust Fund Is to provide grants for holldays, leisure activlties, toys and equlpment for disadvanta8ed chlldren and youn8 people. 14
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 March 2025 13 Analysls of net assets between funds Permanent Unrestrlcted Restrirted endowment fvnds fund fund Total 2025 Total 2024 Investments Net current assetsllliabilitiesl 25,270 11,238 135,718 1,258,310 1,419,238 1,412,543 11,238 17,986 36,508 135,718 1,258,310 1,430,536 1,430,529 Permanent Endowmentfund This fund represents the investment porrfollo held withln The Sir John Middlemore Endowment, the registered charity of which the charitable company is the sole trustee. With effect from 2 November 2004, this fund has been accounted for as a permanent endowment fund of the charltable company,. the underlying capital cannot be spent. The income frorn the permanent endowment fund 15 to be used for the generol purpose5 of the charitable companv. 14 Trustee Remuneratlon and Related Party Transactlons No person related to the charity had any personal interest in any contract or transaction entered into by the charity durlng the year. 15 Taxatlon As a charltable company, The Sir John Mlddlemore Charltable Trust, is exempt from tax on income and gains falling within sections 481-489 of the cfA 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arlsen within the charitable company. 15